Plan Snapshot
- Plan Sponsor: Bank Of America Corporation
- Sponsor EIN: 560906609
- Sponsor Address: 3400 PAWTUCKET AVE., RI1-530-01-15, RIVERSIDE, RI, 029155298
- Plan Type: Health & Welfare
- Plan Number: 501
- Total Participants: 170,439
- Total Assets: $428.4M
Key Plan Design Features
- Auto-Enrollment: No
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: No
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 170,439 | $428.4M | $2.2B | $1.1B |
| 2023 | 171,093 | $429.5M | $2.2B | $996.0M |
| 2022 | 175,740 | $446.4M | $2.0B | $937.6M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| BLUE CROSS BLUE SHIELD OF GEORGIA | Investment Advisor | $46,521,314 | — | $46,521,314 |
| WELL DOT, INC. | Other Service Provider | $28,379,557 | — | $28,379,557 |
| UNITED HEALTHCARE INSURANCE CO. | Other Service Provider | $21,679,936 | — | $21,679,936 |
| AETNA LIFE INSURANCE COMPANY | Other Service Provider | $18,227,459 | — | $18,227,459 |
| ALIGHT SOLUTIONS LLC | Recordkeeper | $12,536,165 | — | $12,536,165 |
| CVS PHARMACY, INC. | Other Service Provider | $11,677,330 | — | $11,677,330 |
| SEDGWICK CLAIMS NAMAGEMENT SERVICES | Other Service Provider | $9,638,203 | — | $9,638,203 |
| QUEST DIAGNOSTICS | Other Service Provider | $4,103,625 | — | $4,103,625 |
| MAVEN CLINIC CO. | Other Service Provider | $4,076,000 | — | $4,076,000 |
| PERSONIFY HEALTH, INC. | Other Service Provider | $3,905,919 | — | $3,905,919 |
| MERATIVE US L.P. | Other Service Provider | $853,987 | — | $853,987 |
| WILLIS TOWERS WATSON | Recordkeeper | $209,950 | — | $209,950 |
| MERCER HR CONSULTING | Investment Advisor | $167,562 | — | $167,562 |
| SILVERSCRIPT INSURANCE COMPANY | Other Service Provider | $109,971 | — | $109,971 |
| MCCONNELL & JONES LLP | Auditor | $105,443 | — | $105,443 |
| BANK OF AMERICA RETIREMENT SERVICES | Other Service Provider | $86,199 | — | $86,199 |
| AON CONSULTING INC. | Recordkeeper | $67,000 | — | $67,000 |
| BANK OF AMERICA PERSONNEL CENTER | Other Service Provider | $20,468 | — | $20,468 |
| SUN LIFE ASSURANCE CO OF CANADA | Investment Advisor | $9,893 | — | $9,893 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- BLUE CROSS BLUE SHIELD OF GEORGIA — Investment Advisor
- ALIGHT SOLUTIONS LLC — Recordkeeper
- WILLIS TOWERS WATSON — Recordkeeper
- MERCER HR CONSULTING — Investment Advisor
- MCCONNELL & JONES LLP — Auditor
- AON CONSULTING INC. — Recordkeeper
- SUN LIFE ASSURANCE CO OF CANADA — Investment Advisor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $162,375,981
- Estimated Expense Ratio: 37.900% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $162,368,414 | — | $160,932,372 | $105,443 | — |
| 2023 | $153,562,651 | — | $152,081,728 | $99,380 | — |
| 2022 | $126,661,899 | — | $121,118,056 | — | $5,332,530 |